Personally, do the vast majority of my consuming of HN via Google Reader, which handily separates each item into its own entry, and gives me keyboard control to scroll through them.
If I got a nickel every time someone tries to redesign HN, I'd have my startup funded :)
Not bad though I've seen better.
The amount of redesigns is plentiful for sure. None of the ones I have seen solved the problems I have with reading HN. I wanted to post my take on it.